Americans are increasingly budget-conscious at the supermarket, slashing their grocery lists as inflation drives food prices to their highest levels in decades, a new survey has found.
According to the survey conducted by Morning Consultation.
Shoppers slashed non-essentials last month amid a 13% rise in “food at home” or grocery store prices, according to the September reading of the Consumer Price Index.
“Buying fewer items overall is an increasingly common tactic concerned consumers are using to save on groceries amid persistent price growth in the category,” said food analyst Emily Moquin. and beverages from Morning Consult, in a blog post.
“Retailers and food and beverage brands should take note, as it could be an indication of slowing demand,” Moquin added.
The survey found lower-income households were more likely to buy fewer items, with 27% of shoppers earning $50,000 or less a year, up from 16% last year. But the wealthiest households were not immune to the trend, as the share of Americans earning $100,000 or more who bought fewer items reached 19%, up 6% from a year earlier. on the other.
Shoppers were also more likely to take other cost-saving measures when shopping for food, such as buying generic or store brands, using coupons, reducing meat purchases, and aligning prices across multiple outlets. stores.
Morning Consult’s Moquin noted that current shopping trends mark a “stark contrast” to the early days of the COVID-19 pandemic, when many Americans hoarded groceries.
“Now consumers are shopping for the necessities instead and waiting for sales or their next paycheck to buy any items that won’t be used until their next trip,” Moquin said.
As of October 2, no less than 72% of American adults said they were very concerned about food-related inflation. Meanwhile, 42% said they often or sometimes fear their food will run out before they can afford to buy more.
September’s Consumer Price Index showed food price increases across the board, with items such as breakfast cereals up 16.6%, chicken up 17.2 % and milk up 15.25%.
Refrigerator staple butter and margarine were up 32% year over year.
The Morning Consult survey sampled about 2,000 American adults who had primary or shared grocery shopping responsibilities in their household. The survey had a margin of error of plus or minus 2%.
New York Post